Financial exploitation

Whether it's a family member or an outside scam artist, misusing an elderly person's assets is unacceptable. Unreliable caregivers could:

Steal money, paychecks, or furniture;
Make a fake signature of the elderly; the theft of identity.
Use a senior's checks, credit cards, or accounts inappropriately.

Scams that frequently target seniors include An announcement that the old person has won a "prize," but they must pay money to claim it.

fake charities; financial fraud on the internet.

Warning signs

The elder's financial situation unexpectedly changed.
Senior's home has missing goods or money.
Suspicious modifications to titles, policies, powers of attorney, and wills.
Updating the senior's signature card with new names.
Financial actions that the elder couldn't have taken, such as an ATM withdrawal from a bedridden account holder.
Unneeded subscriptions, products, or services.

Consequences

Possibility of financial bankruptcy
Loss of independence and security
Financial stress
Reduction in quality of life
Mistrust

How Online Counselling can be helpful?

It entails withdrawing money, assets, or things from an elderly person while also pressuring them to access their money early, such as by getting cash advances on credit cards. This is a prevalent kind of abuse. This abuse also causes psychological disturbance for the person. Online counselling becomes the best option to share their experience.

Best Geriatric Care Therapists in India

mrs. molly george

Psychologist

EXPERIENCE: 35 YRS

mr. utkarsh yadav

Counselling Psychologist

EXPERIENCE: 1 YRS

ms. varshini nayyar

Counselling Psychologist

EXPERIENCE: 6 YRS

dr. kiran kumar dantu

Psychiatrist

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Frequently Asked Questions

How financial fraud and scam target older people?

Here are some indicators that you or a loved one may be the subject of a scam:

You or a loved one learns of a lottery jackpot or award that must be claimed only after paying any particular amount or fees.
A caller requests the details of your or your loved one's bank account or instructs them to send money using a gift card, wire transfer, or cryptocurrency, to reap extra benefits.
A caller requests details such as a UID, PAN number, or account number while posing as a representative of a government agency, bank, or other company.

Who harasses seniors financially?

Anyone can take advantage of an elderly person financially, but there are typically three groups: friends and relatives, nursing facility personnel and attendants, and strangers. Financial fraud can happen if a relative believes they are entitled to the senior's assets or if the senior wishes to reward their successors or caretakers. An elderly person may be the victim of financial exploitation as they have to frequently rely on nursing assistants or attendants for their daily activities. Fake magazine memberships, donations to fictitious charities, and prize scams are the most typical ways that strangers use to take advantage of you financially. Seniors who use telemarketing or remote purchasing are more likely to fall victim to a financial scam. Talk with your loved one or an online geriatric counsellor if you suspect you are financially abused.

How can elderly report financial fraud?

If you are in India, as per RBI guidelines, you must inform your bank right away if someone has improperly taken money out of your account. Remember to get your bank's acknowledgment when you inform the bank. Within 90 days of receiving your complaint, the bank must respond. If the transaction occurs as a result of your carelessness, such as disclosing your password, PIN, OTP, etc., you will be responsible for the loss up until the point at which you notify your bank. Your bank will need to pay back those sums if the fraudulent transactions continue even after you've contacted the bank. Your loss might worsen if you delay reporting it.